However, Smithfield was hurt by its pork business, which suffered a 13% year-over-year decline in operating profit to $118.6 million. Fresh pork posted a loss of $12 million for the quarter, compared with a profit of $35.4 million the year before.

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“We were disappointed with the poor performance of our fresh pork business, as the fresh pork complex remained under pressure due to higher supplies and weak domestic retail demand, although exports remained historically strong," said Pope.

Shares of the Smithfield, Va.-based company added 1.7% to $19.58 early Tuesday. The company’s stock has tumbled about 20% so far this year.